Listed here are several articles pertaining to the auto industry that appeared recently in newspapers and other media outlets across the nation.  

For the past several years Cole Chevrolet has had a Relay for Life team for the American Cancer Society.  This year the Pocatello teams raised over $121,000.  The Cole Chevrolet Team contributed over $1500 toward that effort.  The team had a couple of barbecues for employees and customers during the work week and sold city wide raffle tickets for a handmade hope chest designed and made by their Service Manager, Joe Osterman.  His wife Malia made purple and pink ribbon (breast cancer awareness) bags which were sold the evening of the event.  This is the third year Cole Chevrolet has had a team. 

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IMPORTANT UPDATES 

'Red Flags' Rule Delayed Until November 1

The Federal Trade Commission staff will redouble its efforts to educate small businesses and other entities about compliance with the "Red Flags" Rule. The FTC hopes to ease compliance by providing additional resources and guidance to clarify whether businesses are covered by the Rule and what they must do to comply. To give creditors and financial institutions more time to review this guidance and develop and implement written Identity Theft Prevention Programs, the FTC will further delay enforcement of the Rule until November 1, 2009. Read more at http://www.ftc.gov/opa/2009/07/redflag.shtm. For more information on the "Red Flags" Guide developed by NADA, click this link: http://eseries.nada.org/scriptcontent/ProductDetail.cfm?pc=MEDPRL50E. The Federal Trade Commission has developed a "Do-It-Yourself Prevention Program" to assist businesses at low risk for identity theft, and has also released a new guide, Fighting Fraud with the Red Flags Rule: A How-To Guide for Business. The guide defines creditors and covered credit accounts and details what is required in the written program. For more information, visit www.ftc.gov/redflagsrule.

Trade Appraisal Opportunities in a Transparent Market

Most dealerships can precisely cite the number of daily walk-ins, telephone inquiries, Internet opportunities, demo rides, walk-around presentations, sales made, cars delivered, and customer satisfaction results. When it comes to the number of vehicles appraised, the specific appraisers, and the daily, weekly, and monthly trade capture rates, however, the answers become increasingly vague. This, despite the fact that the appraisal process involves hundreds of thousands of dollars and directly influences the number of new and used vehicles sold. The importance of sound and effective appraisal processes is magnified today by the fact that consumers now have strong knowledge of the dealers' cost and competitive offerings. The trade evaluation process is one of the few remaining opportunities for dealers to gain a competitive advantage. Proper methods, monitoring, and management are imperative. More information is available from NADA in A Dealer Guide to the Trade Appraisal Process in a Transparent Market (SL40). You may order the guide online at www.nada.org/mecatalog or call NADA at 800-252-NADA, ext. 2.

Succession Planning During Uncertain Economic Times Has Benefits

Our nation's automobile dealerships are facing many challenges during these uncertain economic times, but with challenge comes opportunity. Setting up a succession plan during an underperforming economy, when company stock values may be depressed, can potentially result in substantial tax savings. This can help maximize your financial security, positively impact other retirement goals, and preserve a stable relationship with your employees and community. There are many factors involved in developing a sound succession plan for your business. The tax aspect is only one of those factors, and our current economy is giving us an opportunity that may be too large to overlook. Now is the time to visit with your accounting professionals to discuss how uncertain economic times can be used to your advantage. (Courtesy of Kelly Geiger CPA, Eide Bailly LLP, 701.476.8311.)